ACIT,1(1), Bhopal vs. M.P. State Co-op. Housing Federation, Bhopal

Parties Involved

Facts Summary

The assessee, M.P. State Co-operative Housing Federation Limited, filed appeals against two orders passed by the Commissioner of Income-tax (Appeals), NFAC, Delhi, which arose from assessment orders dated 15.12.2019 for Assessment Year 2017-18 and 06.04.2021 for Assessment Year 2018-19. The assessee claimed that the Commissioner of Income-tax (Appeals) erred in deleting the addition made by the Assessing Officer on account of interest on FDRs and Saving Bank Accounts. The assessee argued that the interest income was not attributable to the business of providing credit facilities to its members and was not exempt under Section 80P(2)(a)(i) and Section 80P(2)(d) of the Income-tax Act, 1961.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) erred in deleting the addition made by the Assessing Officer on account of interest on FDRs and Saving Bank Accounts?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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